On Thursday, Eagle County-based Dave & Matt Vans announced the purchase of two Colorado-based facilities, increasing its production capabilities by more than five-times its current capacity.
Dave & Matt Vans is expanding its current footprint with the purchase of a 39,000 square-foot facility in Rifle. This facility will focus specifically on van building and production.
Its current production facility in Gypsum, which the company has leased for its operations since 2019, will become the company’s headquarters for sales, service and rental operations.
The dual locations will allow Dave & Matt Vans to better serve its customers by providing a dedicated sales, service and rental center, as well as a more streamlined manufacturing process — further improving on the company’s commitment to building accessible, reliable, “built-for-you” vehicles.
“This expansion signifies big things to come for Dave & Matt Vans, as lifestyle vehicle production continues to boom and we work to put Colorado on the map as one of the largest producers of campervans in the country,” said Dave Ramsay, CEO of Dave & Matt Vans. “Beyond getting more vans and owners on the road, we’re thrilled to now be able to provide even better service to our customers, and to continue to invest in our Colorado mountain towns, bringing jobs and growth opportunities to the workforce in our own backyard.”
The acquisitions come on the heels of a year of tremendous growth for Dave & Matt Vans. In 2021, the company delivered 180 new vans, up 50% from 2020. Dave & Matt Vans also tripled its year-over-year revenue in 2021, and more than doubled its rental van fleet, with nearly 100 rental reservations booked last year.
In just under three years since its inception, Dave & Matt Vans has grown to more than 25 full-time employees, and the company expects this most recent expansion will help further grow its workforce.
In addition to the acquisition of the Rifle facility, Dave & Matt Vans also closed on a new facility with TransPecos Banks, which will support the company’s expansion by providing a bespoke capital solution for inventory procurement and management.
“TransPecos Banks worked closely with our company to produce a facility that addresses the distinctive financing needs of our business,” said Wyatt Sparks, CFO of Dave & Matt Vans. “Their commitment to our company is a commitment to the community and to our mission of making van life more accessible for everyone, and we are delighted to partner with them as we further expand our business.”
“We are fortunate to have developed a long-term partnership with Dave and Matt Vans and their executive team,” said Cinco Light, chief lending officer for TransPecos Banks. “They have developed a unique product offering and have assembled a passionate following. TransPecos Banks looks forward to supporting the company on its continued growth trajectory.”
Looking ahead, the company is poised to continue its growth through 2022, and well into the future. With its additional capacity, Dave & Matt Vans forecasts that it will produce 1,600 vans over the next three years, and is expecting more than 150 reservations through its expanded rental fleet this year alone, with the potential to increase that by nearly 500% by the end of 2024.
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